2. FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking information and forward-looking statements (together, “forward-looking statements“) within the meaning of applicable Canadian securities laws and the United States Private
Securities Litigation Reform Act of 1995. All statements in this presentation, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur including
management’s expectations regarding Osisko’s growth, results of operations, estimated future revenue, carrying value of assets, requirements for additional capital, production estimates, production costs and revenue,
business prospects and opportunities are forward-looking statements. In addition, statements relating to gold equivalent ounces (“GEOs”) are forward-looking statements, as they involve implied assessment, based on
certain estimates and assumptions, and no assurance can be given that the GEOs will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by
the words “expects”, “is expected” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations of such words and
phrases), or may be identified by statements to the effect that certain actions, events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, the performance of the assets of
Osisko, the estimate of GEOs to be received in 2019, that the required regulatory and shareholders approvals will be obtained in connection with the proposed transaction with Barkerville Gold Mines Ltd. (“Barkerville”),
that sufficient funding will be available to fund work at Barkerville, that significant value will be created within the accelerator group of companies and Osisko’s ability to seize future opportunities. Although Osisko
believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees
of future performance and actual results may accordingly differ materially from those in forward-looking statements. Factors that could cause the actual results deriving from Osisko’s royalties, streams and other
interests to differ materially from those in forward-looking statements include, without limitation: influence of political or economic factors including fluctuations in the prices of the commodities and in value of the
Canadian dollar relative to the U.S. dollar, continued availability of capital and financing and general economic, market or business conditions; regulations and regulatory changes in national and local government,
including permitting and licensing regimes and taxation policies; whether or not Osisko is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States
Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatments of offshore streams or other interests, litigation, title, permit or license disputes; risks and hazards associated with the business
of exploring, development and mining on the properties in which Osisko holds a royalty, stream or other interest including, but not limited to development, permitting, infrastructure, operating or technical difficulties,
unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest, rate, grade and timing of production differences from mineral resource
estimates or production forecasts or other uninsured risks; risk related to business opportunities that become available to, or are pursued by Osisko and exercise of third party rights affecting proposed investments. The
forward-looking statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko
holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of
such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; Osisko’s ongoing income and assets relating to the determination of its PFIC status, no
material changes to existing tax treatments; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the
development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However,
there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that
forward-looking statements are not guarantees of future performance. Osisko cannot assure investors that actual results will be consistent with these forward-looking statements and investors should not place undue
reliance on forward-looking statements due to the inherent uncertainty therein.
For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this presentation, see the section entitled “Risk Factors” in the most recent Annual
Information Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko’s issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange
Commission on EDGAR at www.sec.gov. The forward-looking information set forth herein reflects Osisko’s expectations as at the date of this presentation and is subject to change after such date. Osisko disclaims any
intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
SAFE HARBOUR STATEMENT
This presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd.
Inquiries regarding this confidential presentation can be made to the senior management of the Corporation.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
Osisko is subject to the reporting requirements of the applicable Canadian securities laws, and as a result, reports its mineral resources and reserves according to Canadian standards. Canadian reporting requirements
for disclosure of mineral properties are governed by National Instrument 43-101 (“NI 43-101”). The definitions of NI 43-101 are adopted from those given by the Canadian Institute of Mining, Metallurgy and Petroleum
(“CIM”). U.S. reporting requirements are governed by the Industry Guide 7 (“Guide 7”) of the Security and Exchange Commission ("SEC"). This presentation includes estimates of mineral reserves and mineral resources
reported in accordance with NI 43-101. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and
definitions. For example, under Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at
the time the reserve determination is made. Consequently, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the
SEC. Osisko also reports estimates of “mineral resources” in accordance with NI 43-101. While the terms “Mineral Resource,” “Measured Mineral Resource,” “Indicated Mineral Resource” and “Inferred Mineral Resource”
are recognized by NI 43-101, they are not defined terms under standards of the SEC and, generally, U.S. companies are not permitted to report estimates of mineral resources of any category in documents filed with the
SEC. As such, certain information contained in this presentation concerning descriptions of mineralization and estimates of mineral reserves and mineral resources under Canadian standards is not comparable to similar
information made public by United States companies subject to the reporting and disclosure requirements of the SEC. Readers are cautioned not to assume that all or any part of Measured Mineral Resources or
Indicated Mineral Resource exists, or is economically or legally mineable. Further, an “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility, and a
reader cannot assume that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility
or other economic studies.
Mr. Luc Lessard is the qualified person for this presentation as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained
herein. Mr. Luc Lessard is an employee of Osisko Gold Royalties and is non-independent.
FORWARD LOOKING STATEMENTS
2
3. OSISKO GOLD ROYALTIES
3
1. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales
from the revenues. The calculation of cash margins excludes offtakes.
PEER-LEADING
EXPOSURE TO
CANADIAN
ASSETS
76%
ASSET NPV IN
NORTH
AMERICA
64%
ASSET NPV IN
CANADA
OVER 135
ROYALTY,
STREAM AND
OFFTAKE
ASSETS
OVER C$900 M
IN FINANCIAL CAPACITY AVAILABLE
FOR DEPLOYMENT INTO HIGH
QUALITY OPPORTUNIES
57,727
ATTRIBUTABLE
GEOs EARNED
YTD
90%
YTD CASH
MARGIN1
EARNED ON
GEOs RECEIVED
DIVIDEND
YIELD
~1.6%
C$74.4 M
OPERATING
CASH FLOW
FOR YTD
C$293.0
IN INVESTMENTS
As at Sep. 30, 2019
C$123.7 M
IN CASH
As at Sep. 30, 2019
4. DISCOVERY
EARLY OPPORTUNITIES
TRADITIONAL ROYALTY & STREAMING BUSINESS
TROUGH
DEVELOPMENT OPPORTUNITIES
CONSTRUCTION-PRODUCTION
LOW RISK OPPORTUNITIES
Funding exploration
Early money in
Obtain future rights to
project financing
Hybrid equity/royalty
structure
Funding studies/
construction
Secured royalty/stream
(milestone-based funding)
Debt refinancing/M&A
Lowest risk part of the
curve
Secured royalty/stream
(up-front deposit)
Last money in
- GIBRALTAR
- MANTOS
CREATING EXCLUSIVE PIPELINE
OF OPPORTUNITIES
TIME
VALUE
- WINDFALL
- HORNE 5
- TALISKER
- EAGLE
- CARIBOO
INVESTMENT STRATEGY – MOVING ASSETS ALONG THE CURVE
25% 75%
5. OSISKO AT A GLANCE
UNIQUE BUSINESS MODEL DELIVERS STRONG CASH FLOWS AND
ASSYMETRIC UPSIDE
41% cash flow CAGR since 2015; financial interests in multiple exploration properties
LARGE, DIVERSIFIED ASSET BASE IN LOW-RISK JURISDICTIONS
Over 135 royalties, streams and precious metals offtakes primarily in North America
STRONG BALANCE SHEET TO FUND GROWTH
Over $900 million of available financial capacity to fund growth opportunities
FOCUSED ON RETURNING VALUE TO SHAREHOLDERS
Dividends paid every quarter since 2014; As of today, approximately C$336 M in
dividends and stock repurchases since inception; In 2019 alone, approximately C$30 M
in dividends and over C$184 M in share buybacks
EXPERIENCED AND PROVEN MANAGEMENT TEAM
Global Exploration and Mine Building Capabilities In-House
5
6. 6
2019 SUMMARY – AMONG THE MOST ACTIVE COMPANIES IN THE SECTOR
Q4
Santana Royalty transaction with Minera Alamos Inc.
Pine Point 1.5 % NSR with Osisko Metals
Bralorne 1.2% NSR royalty with Talisker
Acquisition of Barkerville Gold Mines Ltd.
Q3
First gold pour at Eagle Mine – 220,000 oz/yr, 5% NSR to OR
Sale of Pretivm offtake agreement
Renard credit bid
Mantos Blancos stream amendment
Sable Resources strategic investment – 2% NSR
Q2
$175 million share buyback with Orion Mine Finance & concurrent
secondary offering
Q1
Closed silver stream financing with Falco Resources
Announced intention to repurchase up to $100 million in common shares
8. TIER 1 JURISDICTIONAL FOCUS – QUALITY CASH FLOWING ASSETS
FOCUSED IN NORTH AMERICA
Represents total royalty/streaming/offtake assets
TOTAL OF 135+ ROYALTIES, STREAMS &
PRECIOUS METAL OFFTAKES
108
9
2
13
3
6
8
RENARD
9.6% DIAMOND
STREAM
ÉLÉONORE
2-3.5% NSR
CANADIAN
MALARTIC
5% NSR
ISLAND GOLD
1.38-2.55% NSR
PARRAL
100% Au, Ag
OFFTAKE
PAN MINE
4% NSR
BALD
MOUNTAIN
1-4% NSR
GIBRALTAR
75% Ag
STREAM
SEABEE
3% NSR
LAMAQUE
0.85% NSR
MANTOS
100% Ag
STREAM
BRAUNA
1% GRR
SASA
100% Ag
STREAM
KWALE
1.5% GRR
MATILDA
1.65% AU
STREAM
Asset in Top Jurisdiction
Other Cash Flowing Assets
EAGLE
5% NSR
9. OSISKO HOLDS ROYALTIES OR STREAMS ON A TOTAL OF ~25,000 KM2
IN THE MOST IMPORTANT CANADIAN MINING CAMPS
WESTERN CANADA
7,200 km2 of royalty lands
Historic production of ~32M ozs
EASTERN CANADA
19,000 km2 of royalty lands
Historic production of ~226M ozs
QUÉBEC
ONTARIO
BRITISH
COLUMBIA
YUKON
Tintina Belt
& Selwyn Basin
(~12M ozs)
Cariboo District
(~15M ozs)
Red Lake
(~26M ozs) Kirkland Lake
& Timmins
(~110M ozs)
Rouyn Noranda
& Val d’Or
(~75M ozs)
Lebel sur
Quevillon
& Baie James
(~15M ozs)
500 km
300 mi
PRIME ROYALTY REAL ESTATE IN CANADA
9
Bralorne
(~4.5M ozs)
10. PRODUCTION (GEOs) AND GUIDANCE
12,499
30,588
38,270
58,933
80,553
78,000
2014 2015 2016 2017 2018 2019 Guidance
At
89.5% Cash
Operating
Margin1,2
1. Cash margin is a non-IFRS financial performance measure which has no standard definition under IFRS. It is calculated by deducting the cost of sales from the revenues.
Please refer to the Overview of Financial Results section of the MD&A for a reconciliation of the cash margin per interest.
2. For royalties and streams
3. At year end
10
57,727
YTD
At expected
88% Cash
Operating
Margin1,2
7
ROYALTIES3
C$500 M
MARKET CAP
+140
ROYALTIES &
STREAMING
ASSETS
C$2.0 B
MARKET CAP
2 MAJOR
ACQUISITIONS
RAISED C$1 BILLION
IN PERMANENT AND
TEMPORARY CAPITAL
CREATED THE
ACCELERATOR
BUSINESS
49
ROYALTIES
+50
ROYALTIES &
STREAMING
ASSETS
+130
ROYALTIES &
STREAMING
ASSETS
+135
ROYALTIES &
STREAMING
ASSETS
11. CORNERSTONE ROYALTY – 5% NSR ON CANADIAN MALARTIC
MINE
PRODUCTION
(K oz Au)
ROYALTY
DELIVERED
TO OR
(K oz Au)
12.5
30.1 29.2
33.6 35.4
YTD
25.0
2014 2015 2016 2017 2018 2019
535.5
571.6 585.0
633.5
697.2
YTD
499.0
2014 2015 2016 2017 2018 2019
11
12. 12
CANADIAN MALARTIC EXPLORATION UPDATE
ODYSSEY EAST MALARTIC
Au
(K oz)
Tonnes
(Mt)
Grade
(g/t)
Au
(K oz)
Tonnes
(Mt)
Grade
(g/t)
INDICATED 136 2,018 2.11 722 10,530 2.13
INFERRED 1,618 22,996 2.19 2,806 44,042 1.98
DISCOVERY OF A NEW
MINERALIZED ZONE,
EAST GOULDIE
Permit received in
December 2018 for
the Odyssey Ramp
RESOURCES:
13. Source: Research reports and Osisko management estimates.
LOW RISK PORTFOLIO
CONSENSUS NPV BY GEOGRAPHY
BEST IN CLASS PORTFOLIO – GROWTH & DIVERSIFICATION
64 % 76%
48%
33% 30%
11%
24%
52%
67% 70%
89%
OSISKO GOLD
ROYALTIES
ROYAL GOLD WHEATON PRECIOUS
METALS
FRANCO NEVADA SANDSTORM
NORTH AMERICA ELSEWHERE
13
14. 14
NEAR-TERM AND MEDIUM-TERM GROWTH
78 K
GEOs
2019 2020 2021 2022 2024 2024+ 2024 2025
EAGLE 5% NSR
~10 K GEOs/Year
WINDFALL 1.5% NSR
~2-3 K GEOs/Year
BACK FORTY
18.5% Au, 75% Ag Stream
~10-20 K GEOs/Year
AMULSAR
4.22% Au, 62.5% Ag Streams
82% Au Offtake
~7-10 K GEOs/Year
MANTOS BLANCOS EXPANSION
100% Ag STREAM
+ ~10 K GEOs/Year
ODYSSEY
3-5% NSR
OTHER INTERNAL GROWTH
+ ~10-15 K GEOs/Year
HORNE 5
100% Ag Stream
~25-30 K GEOs/Year
CARIBOO
100% Ownership
185 K oz/Year Mine
Production
ELEONORE ROYALTY
INCREASE TO 3.5% NSR
~2-4 K GEOs/Year
HERMOSA
1% NSR
~6 K GEOs/Year
UPPER BEAVER
2% NSR
+ +
15. EAGLE PROJECT - CANADA’S NEWEST GOLD MINE
OPEN PIT MINING
HEAP LEACH FACILITY
GOLD RECOVERY PLANTMOBILE EQUIPMENT
FIRST
GOLD
POURED
RAMPING
UP TO
220,000 oz
AU PER
YEAR
15
PRIMARY CRUSHER
16. VALUE-ADDED SERVICES PROVIDED BY OSISKO GOLD ROYALTIES
OSISKO ACCELERATOR EQUITY INTERESTS
15.9% OWNERSHIP
~C$1 B Market cap.
17.9% OWNERSHIP
~C$70 M Market cap.
19.9% OWNERSHIP
~C$60 M Market cap.
MINING ENGINEERING METALLURGY CONSTRUCTION ENVIRONMENTAL
FINANCIAL LEGAL ACCOUNTING BACK OFFICE
OSISKO ACCELERATOR MODEL
Maintain key shareholder positions to drive
performance of portfolio companies
Leverage experience in exploration,
engineering construction & financing to
advance projects
Encourage strong governance at the board
level and key management roles to oversee
capital spend
Tax efficient way of deploying capital as
investment in flow-through shares shelter
royalty income
Attract additional market capital to invest on
royalty ground
Osisko Mining Inc.
Osisko Metals Inc.
Falco Resources Ltd.
ACCELERATING THE DEVELOPMENT OF CANADA’S NEXT GOLD MINES
16
7.9% OWNERSHIP
~C$40 M Market cap.
Talisker Resources Ltd.
18.7% OWNERSHIP
~C$100 M Market cap.
Minera Alamos Inc.
17. 17
CASE STUDY
OSISKO SUPPORTED ARIZONA
MINING ON ACQUISITION OF
TAYLOR PROPERTY IN 2016
$5.0M in equity + warrants
$10M for 1% NSR royalty
TAYLOR PROJECT
World-class Zn-Pb-Ag deposit
$2B NPV
101 Mt at 10.4% ZnEq.
29 year mine life
NET GAIN ON
INVESTMENT
(C$M)
$34M
Royalty
1%
NSR
+
Shares+Warrants 1
HERMOSA NSR:
1. Net of additional $8M cash investment through market
purchases and warrant exercise.
$5.0M
Shares+Warrants Royalty
+
1%
NSR
$10.0M
INITIAL
INVESTMENT
(C$M)
ACQUIRED BY SOUTH32 IN 2018
OR FIRST INVESTMENT IN OSK
THROUGH OBAN MINING
CORPORATION IN 2015
$17.8M in equity
$5M for 1% NSR royalty
WINDFALL PROJECT
22 drills on site
Ramp progressing
Feasibility in 2020
UNREALIZED GAIN
(C$M)1,2
$44.2M
Royalty
1.5%
NSR3
+
Shares
WINDFALL NSR:
1. As at Sep. 30, 2019
2. Unrealized gain calculated using cash cost of the investment, which is a non-IFRS
measure representing the cash paid on the acquisition of the investment. The
unrealized gain would amount to $60.5 if the accounting cost would be used.
3. NSR royalty increased by 0.5% following Osisko’s acquisition of Virginia Mines
who held a 0.5% NSR royalty on the Windfall project.
$17.8M
Shares+Warrants Royalty
+
1%
NSR
$5.0M
INITIAL INVESTMENT
(C$M)1
1. $92.5 million invested in share and warrants between June 2015
and September 2017, including the initial $17.8 million.
19. BALANCED SHAREHOLDER BASE
19
C D P Q 12.5%
Van Eck 10.4%
EdgePoint 7.6%
Orion Mine Finance 5.6%
Fonds FTQ 5.4%
T. Rowe 3.3%
Tocqueville 2.8%
Vanguard 2.7%
Dimensional Fund Advisor 2.1%
Acadian 1.2%
Columbia Wanger 1.0%
Top 10 Osisko Gold Royalties Shareholders
As at December27, 2019
MUTUAL
FUNDS
59%
HEDGE FUNDS
5%
PRIVATE
EQUITY
6%
PENSION
FUNDS
18%
INSTITUTIONS
65%
MANAGEMENT
1%
UNIDENTIFIED
INSTITUTIONAL
AND RETAIL
28%
20. $0.03 $0.04
RETURNING CAPITAL TO SHAREHOLDERS
$1.6 $13.8
$30.8
$55.1
$86.3
$116.4
$1.8
$1.8
$34.8
$219.6
$0
$50
$100
$150
$200
$250
$300
$350
2014 2015 2016 2017 2018 2019
Dividend Share Buyback
CUMULATIVE CAPITAL RETURNED – AS AT JANUARY 9, 2019
CumulativeCapitalReturned
(C$M)
C$336 M
RETURNED TO
SHAREHOLDERS
SINCE INCEPTION
IN 2014
Quarterly Dividend ($/share)
$0.05
20
852,500
Shares @
$11.96/sh
(in 2019 only)
12,385,717
Shares @
$14.10/sh
+
SHARE
REPURCHASE
WITH ORION
21. FINANCIAL POSITION
BALANCE SHEET ITEMS Sep. 30, 2019
Cash (C$ M) $123.7
Debt (C$ M) $347.6
Investments (C$ M)1 $293.0
Basic Shares Outstanding (M)
144.4 (09/30/19)
157.2 (12/02/19)
Post BGM acquisition
Quarterly Dividend (C$/Share) $0.05
1. The fair value corresponds to the quoted price of the investments in a recognized stock exchange as at September 30, 2019.
2. Including the C$100 million accordion.
$20
Undrawn Credit Facility Drawn Credit Facility
AVAILABLE
CREDIT:
$480 M2
CREDIT FACILITY (C$ M)
21
23. 23
NORTH SPIRIT DISCOVERY GROUP
The evolution of Osisko’s Accelerator Model to act privately on project incubation and
development that Osisko pioneered over the last five years
‒ Project finance
‒ Project engineering
‒ Project management
Positioning to take maximum advantage of pending gold bull market
‒ Outsized returns made possible by current equity market conditions for junior resource
companies
‒ Timing acquisitions and accelerating development to benefit from strong commodity prices
Focus on surfacing value through project development and late-stage exploration
Strong ability to finance through third-party capital
‒ Joint venture partnerships
‒ Private equity
‒ Project-level debt
Emphasis on Canadian and North American assets
24. 24
CARIBOO GOLD PROJECT - OVERVIEW
Complete control of historic Cariboo
goldfields
District Scale: 2,071 km2 of Mineral Rights
Located in south central BC, Canada
4.5 M oz Au historic gold production
4.4 M1 oz Au underground resource and
growing
Low capex, phased growth plan to
+185,000 oz Au per year
Gold rich veins and replacement
mineralization
Year round access and services
Permitted 1,000 T per day mill and
tailings facility
Strong first nations and stakeholder
support
1. Including resources at Cariboo, BC Vein, and Bonanza Ledge
25. 25
OSISKO HAS CONSISTENTLY SUPPORTED BARKERVILLE OVER THE EXPLORATION
LIFE CYCLE RESULTING IN A LARGE INITIAL RESOURCE BASE AND POSITIVE PEA
PRODUCTION AT BONANZA
LEDGE PHASE II
OR buys 1.5% NSR
royalty on Cariboo
Osisko buys Eric
Sprott's share block
Increases NSR
royalty to 2.25%
Bonanza Ledge
Mining Permits
Bonanza Ledge &
BC Vein resource
update
Maiden 3.8M
oz resource
at Cariboo
Increases
NSR royalty
to 4.0%
PEA Cariboo
Gold Project
$50
$100
$150
$200
$250
$300
$350
$400
$450
MARKETCAP(C$M)
2014 2020
STUDIES / PERMITTING
AT CARIBOO
CONSTRUCTION
CARIBOO RAMP-UP
2021 2022
ONGOING REGIONAL AND LOCAL
EXPLORATION PROGRAM
♦ Equity financing from OR
2017 2018 201920162015
KEY NEXT STEPS FOR CARIBOO AND TIMELINE TO EXPANDED PRODUCTION
27. 27
CARIBOO GOLD PROJECT – EXPLORATION POTENTIAL
Barkerville has hit mineralization of +2g/t Au over
+3m in ~90% of drill holes
Current resource is only delineated to a depth of
350m.
‒ The deposit has the potential to continue well
below 1,000m
Strike length of current exploration area is 16
kilometers
‒ Cariboo project strike is <4 kilometers and contains
over 2.3 million ounces Au of indicated resources
and 1.9 million ounces Au of inferred resources1
Barkerville has recently discovered a parallel trend
which could double the current mineralized strike
length
POTENTIAL
AT DEPTH
1. See page 13 for full breakdown of indicated and inferred resources
28. ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
Producing Royalties, Streams & Offtakes
1 Canadian Malartic CM Partnership (Agnico Eagle, Yamana) Canada Production 5% NSR
2 Éleonore Goldcorp Canada Production 2-3.5% NSR on Au, 2% NSR on all other metals
3 Gibraltar Taseko Mines Canada Production 100% Ag Stream
4 Mantos Blancos Mantos Copper Chile Production 100% Ag Stream
5 Renard Stornoway Diamonds Canada Production 9.6% Diamond Stream
6 SASA Central Asia Metals Macedonia Production 100% Ag Stream
7 Eagle Victoria Gold Canada Production 5% NSR until 97,500; 3% NSR thereafter
8 Matilda Blackham Resources Australia Production 55% Au offtake
9 Lamaque-Rocdor Eldorado Gold Canada Production 1.7% NSR
10 Parral GoGold Resources Mexico Production 100% Au + Ag offtake
11 Bald Mountain Kinross United States Production 1%-4% GSR
12 Brauna Lipari Mineração Brazil Production 1% of Gross Sales (Diamond)
13 Holloway Holt Kirkland Lake Canada Production $8.50/oz production from the property
14 Island Gold Alamos Gold Canada Production 1.38%-2.55% NSR
15 Kwale Base Resources Kenya Production 2% of GRR on titanium
16 Pan Fiore Gold United States Production 2.5-4.0% Au Production Royalty, 2% on all other products
17 Seabee Santoy SSR Mining Canada Production 3% NSR
18 Vezza Nottaway Resources Canada Production 5% NSR on all metals, 40% NPI
Near-Term Development Royalties, Streams and Offtakes
19 Amulsar (S) Lydian Armenia Construction 4.22% Au Stream and 62.5% Ag Stream
20 Amulsar (O) Lydian Armenia Construction 82% Au offtake
21 Back Forty Aquila Resources United States Development 18.5% Au Stream and 75% Ag Stream
22 Cariboo Gold Project Barkerville Gold Mines Canada Exploration 4% NSR
23 Hammond Reef Agnico Eagle Canada Development 1.5% NSR
24 Hermosa Arizona Mining United States Development 1% NSR on all sulphide ores of lead and zinc
25 Horne 5 Falco Resources Canada Development 90-100% Ag stream
26 Malartic CHL (Odyssey) CM Partnership (Agnico Eagle, Yamana) Canada Exploration 3% NSR on all metals
27 Nimbus MacPhersons Resources Australia Development 100% Ag offtake
28 Upper Beaver / Kirkland Lake Agnico Eagle Canada Development 2% NSR
29 Windfall Osisko Mining Canada Development 1.5% NSR
30 Yenipazar Aldridge Mineral Turkey Development 50% Au offtake
Long-Term Development Royalties
31 Ambler NovaCopper US United States Development 1% NSR
32 Cameron Lake Cameron Gold Operations Canada Development 1% NSR
33 Casino Western Copper and Gold Canada Development 2.75% NSR
34 Cerro del Gallo Argonaut Gold Mexico Development 3% NSR
35 Copperwood & White Pine Highland Copper United States Development 3% NSR
36 Corcoesto Edgewater Exploration Spain Development 1% NSR
28
29. ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
37 Gurupi (Centro Gold) Jaguar Mining Inc. Brazil Development 0.75% NSR Au
38 King Island King Island Scheelite Australia Development 1.5% GRR
39 Magdalena Basin Minera Sonora Borax S.A. de C.V. Mexico Development 3% GOR
40 Northern Dancer Largo Resources Canada Development 1% NSR Tungsten-Molybdenum
41 Ollachea Minera IRL Peru Development 1% NSR on all products
42 Rakkurijoki Prospect Hannans Reward Sweden Development 1.50% NSR Fe, Cu, Ag
43 Sandman 1 Newmont United States Development 5% NSR
44 Sandman 2 Newmont United States Development 1% NSR
45 São Jorge Braz. Res. Min. Ltda. and Min Regent Brasil Ltda. Brazil Development 1% NSR
46 Spring Valley Waterton Global United States Development Derivative Royalty of 1/7 interest in a sliding scale NSR royalty (Gold)
47 Tijirit Algold Resources Mauritania Development 1.5%
48 Unicorn Dart Mining Australia Development 2% NSR initial, 1% NSR Additional
Exploration Royalties
49 Abbeytown Erris Resources Ireland Exploration 1% NSR
50 Adel, Hardrock East Goldstream Minerals Canada Exploration 1.7% NSR
51 Altar Stillwater Mining San Juan Exploration 1% NSR
52 Annamaque Faraday Alexandria Minerals Canada Exploration 1.7% NSR
53 Antamina / Recauys Compañia Minera Antamina Peru Exploration 2.5% NSR
54 Apple (Uranium) Strateco Resources Canada Exploration 2% NSR
55 Aurbel QMX Gold Canada Exploration 2.125% NSR
56 Ballarat Castlemaine Goldfields Australia Exploration 4% GSR
57 Bargold Abcourt Mines Canada Exploration 1.275 % NSR
58 Bathurst and Québec Camps Osisko Metals Canada Exploration 1% NSR
59 Beaufor - Pascalis Monarques Gold Canada Exploration 25% NPI
60 Bonfortel Yorbeau Resources Canada Exploration 1.7% NSR
61 Candle Lake Adamas Minerals Corp. Canada Exploration 3% GOR
62 Casino B Cariboo Rose Resources Canada Exploration 5% NPI
63 Century / Lawn Hill MMG Australia Australia Exploration AUD 0.0055 /tonne Zn sold, 1% NSR for other minerals
64 Clearwater (1 claim) Eastmain Resources Canada Exploration 2% NSR
65 Croinor Monarques Gold Canada Exploration 0.75% NSR
66 Crowsnest Pass Crowsnest Pass Coal Mining Canada Exploration $1.00 per tonne of coal produced
67 Cumobabi Minera Geoinformatica S.A. Mexico Exploration 2% NSR
68 Destor Explor Resources Canada Exploration 2.125% NSR
69 Dieppe (Gold) Agnico Eagle Canada Exploration Resource Payment
70 Duncan (Iron) Augyva Mining Resources Canada Exploration Production royalty (iron), 2% NSR on all other metals
71 Eastbay Duparquet Explor Resources Canada Exploration 0.85% NSR
72 Eastmain (Gold) CBAY Minerals Canada Exploration 1.15% NSR royalty
73 Eastmain West Azimut Exploration Canada Exploration 1.4% NSR
74 El Tecolote Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
75 Estacion Llano Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
76 Gabel Wolfpack Gold United States Exploration 2% NSR on Precious Metals, 1% NSR on all other metals and minerals
77 Gabel Columbus Wolfpack Gold United States Exploration 1% NPI
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
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30. ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
78 Gabel Williams Wolfpack Gold United States Exploration 1% NPI
79 Gaffney Manitou Gold Canada Exploration 1.7% NSR on all metals
80 Gaffney Extension Manitou Gold Canada Exploration 0.10625% NSR on all metals
81 Gold Rock Monte Fiore Gold United States Exploration 2%-4% royalty for Au, Ag, Pt and Pd, 2% for other products
82 Holloway McDermott Kirkland Lake Canada Exploration 12.75% NPI
83 Jonpol-Amos & Paramount Abcourt Mines Canada Exploration 2.125% NSR on all metals
84 Jubilee Merrex Gold Canada Exploration 1.7% NSR on all metals
85 Kan Extension Osisko Mining Canada Exploration 1.5%-3.5% NSR on precious metals, 2% NSR on all other products
86 Kliyul Creek Kiska Metals Canada Exploration 1.5% NSR
87 Lac Clark Chibougamau Independant Mines Canada Exploration 1% NSR
88 Lac Dufault (Base Metals) Nyrstar Canada Exploration 2% NSR
89 Landmark Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR of all other metals and minerals
90 Leitch Premier Gold Mines Canada Exploration 1.7% NSR on all metals
91 Lorraine/Dorothy/Jayjay Lorraine Copper, Teck Resources Canada Exploration 2% NSR
92 Los Chinos Minera Piedra Azul, S.A. Mexico Exploration 2% NSR
93 Malartic Gold Claims Khalkos Exploration Canada Exploration 1% NSR
94 Marban, Nolartic, First Canadian Osisko Mining Canada Exploration 0.425%-1.7% NSR
95 Moore Lake Denison Mines Canada Exploration 2.5% NSR
96 Mt. Hamilton Mt. Hamilton United States Exploration 2% NSR on Au and Ag, 0.67% NSR on all other metals and minerals
97 New Jersey Zinc Database Kiska Metals Canada Exploration 0.5% Gross Royalty on coal, dia., oil, gas and salt, 0.5% NSR for other
98 Oracle Ridge Oracle Ridge Mining United States Exploration 3% NSR
99 Pandora CM Partnership (Agnico Eagle, Yamana) Canada Exploration 2% NSR on all metals
100 Peat (Barunga) Australia Pacific LNG Australia Exploration 1.75% GOR
101 Pipestone Clavos Sage Gold Canada Exploration 1.7% NSR on all metals
102 Pozo de Nacho Azure Minerals Mexico Exploration 2% NSR
103 Preissac Sphinx Resources Canada Exploration 2% NSR
104 Rattlesnake Hills GFG Resources (US) United States Exploration 0.5% NSR
105 Renault Bay Vantex Resources Canada Exploration 1.7% NSR on all metals
106 Reward / Myrtle Teck Australia Pty Australia Exploration 2% NSR
107 Sabourin Creek (Akasaba) Agnico Eagle Canada Exploration 2.125% NSR on all metals
108 Sagar (Uranium, Gold) Energizer Resources Canada Exploration 1.5% NSR
109 San Juan Azure Minerals Mexico Exploration 2% NSR
110 Savard/Emerald Lake Northern Nickel Mining Canada Exploration 1.275% NSR on all metals
111 Shovelnose Westhaven Ventures Inc. Canada Exploration 2% NSR
112 Silver Swan 1 Poseidon Nickel Atlantis Australia Exploration 3% NSR on Au and Ag
113 Silver Swan 2 Poseidon Nickel Atlantis Australia Exploration 1.75% NSR on Cu, Ni, PGMs and other metals (excluding Au and Ag)
114 Sleitat and Coal Creek Strongbow Exploration United States Exploration 1.75% NSR on all metals
115 Stabell (Gold) Alexandria Minerals Canada Exploration 3% NSR
116 Swedish Properties Erris Resources Sweden Exploration 1% NSR
117 Tantale Erlandson (Rare Earth) Commerce Resources Canada Exploration 1% NSR
118 Taylor Silver Predator United States Exploration 0.5%-2.0% NSR for precious metals and other minerals
119 Teck Hughes Kirkland Lake Canada Exploration 0.85% NSR on all metals
120 Tintaya (Rifas) Glencore Peru Exploration 1.5% NSR
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
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31. ASSET NAME OPERATOR COUNTRY STATUS DESCRIPTION
121 Tonkin Springs McEwen Mining United States Exploration 1.4% NSR
122 Trail Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
123 Treasure Hill Silver Predator US Holdings United States Exploration 1% NPI
124 Turgeon Yorbeau Resources Canada Exploration 1.7% NSR on all metals
125 UNR Wolfpack Gold United States Exploration 2% NSR on precious metals, 1% NSR on all other metals and minerals
126 Valco Osisko Mining Canada Exploration 1.7% NSR on all metals
127 Val-d'Or Alexandria Minerals Canada Exploration 2.125% NSR on all metals
128 Valdora Alexandria Minerals Canada Exploration 1.7% NSR on all metals
129 Waihi West Antipodes Gold New Zealand Exploration 2% NSR
130 West Desert / Crypto InZinc Mining United States Exploration 1.50% NSR Zn, Cu, In, Mg
131 Wharekirauponga (WKP) Project Antipodes Gold New Zealand Exploration 2% NSR
132 Whistler GoldMining United States Exploration 2.75% NSR
133 WO Claims Peregrine Diamonds Canada Exploration 8248567 Canada Limited: 1% GOR
ROYALTIES, STREAMS AND OFFTAKES – COMPLETE LIST
31